The trend in our modern world is that blockchain-based games are becoming more and more popular. These games are called GameFi. They appeared quite a long time ago – back in 2013, but they are gaining popularity only now.
In this article, we will study them from different angles and make some conclusions about whether such projects will continue to stay afloat or whether their unenviable fate and closure await them.
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How does GameFi work?
In games that are part of the GameFi segment, there are NFTs that can be bought or earned for various game achievements. Depending on the title, these can come in many different formats. Here are just a few of them:
- Game territories.
- Trophies.
- Pets.
- Weapons, armor.
- Various resources.
GameFi features
Many GameFi projects have a large number of levels available for passing, so you can start playing them even with minimal experience. The longer you play, the better your characters will become, as well as your equipment. The beginning of such games is quite measured, and you will be forgiven a lot of mistakes.
Anything you manage to get in these games, you can sell for impressive sums on the NFT market. The more popular the game, the more expensive the items in it will be. Thus, game resources can be exchanged for cryptocurrency or fiat money.
How can I earn with the help of GameFi-games?
In addition to passing the game and mining various items in it, there are many other ways to make money in GameFi. Here are just a few of them:
- Some games allow you to bet on the results of various competitions and earn from predictions.
- Acquisition of land and other objects that can later be rented out.
- Ability to participate in various tournaments and earn cryptocurrency.
All information about achievements and possession of various items is stored in a public blockchain. This format of working with data allows the ownership of game assets by the users, not by the developers. If the player has developed a character or bought one, no one can take that object away from him.
Ownership will not disappear even if the game servers shut down. And that is really cool!
Do GameFi-games have a future?
Despite the fact that blockchain games are attracting millions of users, if you pay attention to the development path of this segment, you can say that it is still in its infancy.
The problem is that the connection of decentralized games with cryptocurrencies alienates quite a wide audience because many do not understand the technology on which this sector is based. It is the user audience that plays a big role in the spread of the game and in its popularity.
Nevertheless, with the spread of cryptocurrencies, with more transparent regulation, and with a simple and user-friendly interface, GameFi-projects can become really massive. Therefore, it is quite possible that, in time, we will see them in various large digital stores.
